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60 second Guide to an Umbrella Company

Contractor Supermarket takes a look at UK umbrella companies and exactly how a contractor could benefit from using the services of an umbrella company.

If, like thousands of others, you're thinking about a life of contracting you'll need to use a limited company. of some description.

Some contractors decide to open their own limited company but other contractors, who don't like paperwork and red-tape, prefer the services of an umbrella company.

An umbrella company is nothing more than a ready-made and ready-to-go limited company which, in return for a modest monthly fee, you can use instead of submitting yourself to the pain of managing your own limited company.

 

Mark Ridgeon, MD of Excellium Umbrella, hits the nail on the head when he explains:

• "One great benefit of an umbrella company is that there are absolutely no long-term commitments. You can use an umbrella company for a single day or for many years - and anything in between.
• An umbrella company is specially designed for contractors to use just for the period of their contract.
• Unlike having your own limited company you only pay an umbrella company when you're working."

When you use an umbrella company you don't have any of the usual hassles of filling in paperwork or having to remember when to pay your bills.

Working through an umbrella company means you get all of the benefits like insurances and ‘limited company' status but none of the downsides.

 

An umbrella company is simply an administration service for the modern contractor

• One contractor, currently on their fifth contract told Contractor Supermarket: "Why on earth would I want to fill in a load of complex and detailed forms every month when there are umbrella companies out there who will do it for me?"

Umbrella companies are the choice of today's professional contractor and they do what you hate to do - paperwork!

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written on2010-08-21 23:10:15

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